


The Fed's Repo Program:  Socialism for the Rich, Hard Rugged Individualism for Everybody Else

by IJOTFP



Category: No Fandom
Language: English
Status: Completed
Published: 2020-01-16
Updated: 2020-01-16
Packaged: 2021-02-28 16:54:09
Rating: Not Rated
Warnings: Creator Chose Not To Use Archive Warnings
Chapters: 1
Words: 3,788
Publisher: archiveofourown.org
Story URL: https://archiveofourown.org/works/23060515
Author URL: https://archiveofourown.org/users/IJOTFP/pseuds/IJOTFP





	The Fed's Repo Program:  Socialism for the Rich, Hard Rugged Individualism for Everybody Else

The Fed's Repo Program: Socialism for the Rich, Hard Rugged Individualism for Everybody Else

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#  [The Fed's Repo Program: Socialism for the Rich, Hard Rugged Individualism for Everybody Else](https://interactiveswingtrading.com/2020/01/16/ftwe-have-plenty-of-liquidity-said-the-chief-financial-officer-of-a-top-10-us-bank-we-are-just-choosing-not-to-lend-it-out-overnight-to-hedge-funds/)

  
__Author: [Interactive Swing Trading](https://interactiveswingtrading.com/author/interactiveswingtrader/) __Published Date: January 16, 2020 __Comments: [1 Comment](https://interactiveswingtrading.com/2020/01/16/ftwe-have-plenty-of-liquidity-said-the-chief-financial-officer-of-a-top-10-us-bank-we-are-just-choosing-not-to-lend-it-out-overnight-to-hedge-funds/#comments)  


  
[](https://interactiveswingtrading.com/2020/01/16/ftwe-have-plenty-of-liquidity-said-the-chief-financial-officer-of-a-top-10-us-bank-we-are-just-choosing-not-to-lend-it-out-overnight-to-hedge-funds/)  


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Recently it was [reported by the Wall Street Journal](https://archive.is/bAfch) that the Federal Reserve is considering inviting hedge funds to participate in their massive[ “repo program”](https://interactiveswingtrading.com/2020/01/14/fed-to-extend-repo-operations-beyond-the-initial-mid-january-deadline-ft/); a short term credit facility that has historically only been accessible to [primary dealers](https://archive.is/TGEQj) (TBTF Financial Institutions).   
  
We can only hope that this decision isn’t being influenced by the sharp increase in fund redemption’s seen last year. If it is, we should probably reevaluate the fairness in giving small groups of wealthy investors cheap loans so they can profitably exit their stock portfolios. Hedge funds are not a public utility, and if their activities are going to be [subsidized by taxpayers](https://interactiveswingtrading.com/2019/12/17/the-implicit-government-banking-subsidy-was-300-billion-in-2011/), we should seriously consider forcing them to give us a share of the profits.   
  
The bankers love creating offshore subsidiaries, so maybe we should utilize our own this time; but one that is just slightly more altruistic. Instead of bailing out bankers — and now potentially hedge funds — why not use all this [government subsidized profit](https://interactiveswingtrading.com/2019/12/17/the-implicit-government-banking-subsidy-was-300-billion-in-2011/) to reduce the suffocating debt load that most average hard working people are being forced to [carry for the rest of their lives](https://interactiveswingtrading.com/2019/10/26/according-to-northwestern-mutual-one-third-of-americans-monthly-income-is-going-toward-paying-off-debt/). Chase did it for [Canadians](https://interactiveswingtrading.com/2019/11/29/canadian-debt-levels-now-the-highest-in-the-developed-world-financial-post/), so why not Americans? Is that really so hard to entertain at this point?

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[( _FT)“We have plenty of liquidity,” said the chief financial officer of a top-10 US bank. “We are just choosing not to lend it out overnight to hedge funds._ ”](https://archive.is/h5tXZ#selection-2155.0-2166.0)

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# Withdrawals from hedge funds are skyrocketing according to a report from eVestment last year.

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 _(WSP)”According to a report at eVestment, investors pulled $29.37 billion from hedge funds in the third quarter of this year, bringing the total year-to-date to an eyebrow-raising $76.86 billion. That’s more than twice the amount that was withdrawn in all of last year. Hedge funds are highly-leveraged, so $76.86 billion in withdrawals could translate into hundreds of billions of dollars of liquidations in stock and bond markets. The report further notes that this is the “sixth consecutive quarterly outflow.”[Read more](https://archive.is/xFhga#selection-197.0-204.0)_

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Many people also suspect that these short term loans are being [rolled over](https://archive.is/LbVw2#selection-221.0-232.0), which would suggest that they are not actually short term at all, further increasing the likelihood that they will be used for stock market speculation. This is obviously not what Fed loans are meant to be used for, as they are [subsidized by the government](https://interactiveswingtrading.com/2019/12/17/the-implicit-government-banking-subsidy-was-300-billion-in-2011/) — aka, the taxpayer.   
  
This could also present ethical problems as well. The term “Hedge Fund” is just industry lingo for a [small group of extremely wealthy investors](https://interactiveswingtrading.com/duediligence/fund-activity/), and by allowing these people to gain direct access to discounted credit without giving this privilege to the rest of the population, you begin treading into sensitive territory where you indirectly socialize the profits of the rich.   
  
This is undoubtedly something that should be avoided, especially when you take into account the alarming and rapidly growing wealth gap in the United States; a problem that was even acknowledged by [the great Ray Dalio ](https://www.youtube.com/watch?v=kpZe51BBSgE)himself. This is quite the testament considering he is one of the largest beneficiaries of cheap credit that there is.   
  
Proponents of this plan might argue that it will increase liquidity and assist with capital formation, and that this could act to prevent another financial crisis, but one could easily argue that this is just an excuse.   
  
Isn’t that what they always say: “ _it’s for our safety_ “.   
  
Who’s safety — theirs or ours? As we all know, greed is a powerful thing, and absolute power corrupts absolutely. 

* * *

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Also, when you compare the fund activity in the 2nd and 3rd quarters of 2019, it shouldn’t take very long before you begin to realize how measurably these hedge fund portfolio’s had appreciated by the [2nd quarter](https://interactiveswingtrading.com/fund-activity-q2-2019/). What’s very telling, though, is that this trend changes drastically in [3rd quarter](https://interactiveswingtrading.com/2019/12/28/q3-fund-activity-almost-complete/), with many hedge funds reporting declining AUM values.  
  
Could it be that the crowd was looking to exit the market, and if this was the case — and it definitely appears that way — should we really be surprised by this? With a 20% market correction in the 4th quarter of 2018 still fresh in everybody’s memories, and with many people likely posting very large gains for the year, the real question we should be asking ourselves is why _wouldn’t_ anybody sell? Everybody knows — or aught to know — that we broke the record for the [longest bull run in history](https://archive.is/SlD2W) in 2018, so it seems highly unlikely that people wouldn’t feel inclined to begin taking profits, especially when you consider the miraculous reversal seen in the indexes at the beginning of 2019.   
  
All one has to do is look at Blackrock, who’s clients booked $350 billion in profits by the 2nd quarter of 2019, a massive increase, especially considering it was only six month ago that the financial news media had officially announced that we had entered into the first [bear market](https://archive.is/otM6L) in almost [10 years](https://www.ftportfolios.com/Common/ContentFileLoader.aspx?ContentGUID=4ecfa978-d0bb-4924-92c8-628ff9bfe12d). 

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Just look at the feds balance sheet, which has somehow managed to balloon by as much as 10% in only one quarter — not year, quarter.   
  
How is that even possible? Or better yet, where is the media?

* * *

* * *

Now they are considering giving this cheap credit to hedge funds too? When is enough, enough? This is America, not China or Russia, where the markets are micromanaged by a small group of well connected insiders who put their own self interest ahead of the interests of everybody else. If the argument is that the market could crash, then maybe it’s finally time to let the invisible hand run its course.   
  
Most of this money doesn’t even seem to be trickling down into the general economy either, and this is evidenced by the disproportionate growth seen with companies like [Apple, Microsoft](https://interactiveswingtrading.com/2020/01/27/apple-and-microsoft-represented-15-of-the-sp-500s-advance-in-2019-cnbc/) and [Tesla in 2019.](https://interactiveswingtrading.com/2020/01/27/more-evidence-proves-bankers-are-highly-inefficient-central-planners-40-of-listed-companies-are-losing-money-and-tesla-is-worth-more-than-general-motors-and-ford-combined-wsj/)  
  
The banks already receive [$100’s of billions in subsidies from their governments](https://interactiveswingtrading.com/2019/12/17/the-implicit-government-banking-subsidy-was-300-billion-in-2011/), so why make an already bad situation worse by extending this privilege to small groups of wealthy investors? It’s insanity to even consider such a thing.  


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> [Blackrock Clients Booked $350 Billion In Profits So Far This Year](https://interactiveswingtrading.com/2019/10/13/blackrock-clients-have-made-350-billion-so-far-this-year/)

> [Fund Activity Q2 2019](https://interactiveswingtrading.com/fund-activity-q2-2019/)

> [Q3 Fund Activity](https://interactiveswingtrading.com/2019/12/28/q3-fund-activity-almost-complete/)

[](https://apps.urban.org/features/wealth-inequality-charts/)image source: <https://apps.urban.org/features/wealth-inequality-charts/>

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## Author: [Interactive Swing Trading](http://interactiveswingtradingorg.wordpress.com)

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[What is the Dividend that Banks Receive for their Ownership of Shares in a Federal Reserve Branch? →](https://interactiveswingtrading.com/2020/01/18/what-is-the-dividend-banks-receive-for-their-ownership-of-shares-in-a-federal-reserve-branch/)

##  1 thought on “The Fed's Repo Program: Socialism for the Rich, Hard Rugged Individualism for Everybody Else” 

  1. Pingback: [Tailwind….Oh It'll be a Tailwind Alright — But Not the Kind You're Hoping for, Though..](https://stocktrades.exchange/2020/02/23/tailwind-oh-its-a-tailwind-alright/)




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##  [](http://feeds.reuters.com/reuters/businessNews) [Reuters: Business News](https://www.reuters.com/)

  * [Trump: No promises regarding steel and aluminum tariffs on Brazil](http://feeds.reuters.com/~r/reuters/businessNews/~3/1Lk2nK3p4Is/trump-no-promises-regarding-steel-and-aluminum-tariffs-on-brazil-idUSKBN20V017) March 8, 2020

President Donald Trump praised the United States' relationship with Brazil under Brazilian President Jair Bolsonaro on Saturday, but declined to say whether he would impose steel and aluminum tariffs on the South American country.

  * [Italy poised to lock down Lombardy after coronavirus jump](http://feeds.reuters.com/~r/reuters/businessNews/~3/-_8fey-Ewjg/italy-poised-to-lock-down-lombardy-after-coronavirus-jump-idUSKBN20U0RZ) March 7, 2020

Italy is set to impose a virtual lockdown on its wealthiest and most populous region, which includes the financial capital Milan, as part of tough new measures to try to contain the coronavirus outbreak.

  * [U.S. judge says Amazon likely to succeed on key argument in contract challenge](http://feeds.reuters.com/~r/reuters/businessNews/~3/E0xOM0tmkjQ/u-s-judge-says-amazon-likely-to-succeed-on-key-argument-in-contract-challenge-idUSKBN20U0QC) March 7, 2020

A U.S. judge said Amazon.com Inc is likely to succeed on a key argument of its challenge to the U.S. Department of Defense's decision to award cloud computing deal worth up to $10 billion to Microsoft Corp.

  * [Number of UK coronavirus cases rises by 46 to 209](http://feeds.reuters.com/~r/reuters/businessNews/~3/99g1tyC8GOM/number-of-uk-coronavirus-cases-rises-by-46-to-209-idUSKBN20U0ME) March 7, 2020

The number of confirmed coronavirus cases in the United Kingdom has risen to 209, up from 163, health officials said on Saturday.

  * [Factbox: Sports events hit by the coronavirus epidemic](http://feeds.reuters.com/~r/reuters/businessNews/~3/7ZtbUCmleJg/factbox-sports-events-hit-by-the-coronavirus-epidemic-idUSKBN20S1ZD) March 7, 2020

Here is a list of international sports events hit by the outbreak of a coronavirus:

  * [Coronavirus spreads in French parliament](http://feeds.reuters.com/~r/reuters/businessNews/~3/neYxzR2T4XI/coronavirus-spreads-in-french-parliament-idUSKBN20U0RP) March 7, 2020

A second member of France's National Assembly has been taken to hospital after contracting coronavirus and five other lawmakers are being tested for the illness, the lower house's presidency said in a statement on Saturday.

  * [Shanghai tightens airport checks as imported virus infections in China jump](http://feeds.reuters.com/~r/reuters/businessNews/~3/Sk6gyLSyhIU/shanghai-tightens-airport-checks-as-imported-virus-infections-in-china-jump-idUSKBN20U00W) March 7, 2020

Shanghai increased airport screening on Saturday as imported coronavirus infections from countries such as Italy and Iran emerge as the biggest source of new cases in China outside Hubei, the province where the outbreak originated.

  * [Coronavirus infects 100,000-plus worldwide, 21 cases found on ship off San Francisco](http://feeds.reuters.com/~r/reuters/businessNews/~3/DWpe71-2z_c/coronavirus-infects-100000-plus-worldwide-21-cases-found-on-ship-off-san-francisco-idUSKBN20T1G4) March 7, 2020

Twenty-one people aboard a cruise ship that was barred from docking in San Francisco have tested positive for coronavirus, U.S. officials said on Friday, adding to the more than 100,000 cases of the fast-spreading illness across the world.

  * [Maldives confirms first two coronavirus cases; two islands locked down](http://feeds.reuters.com/~r/reuters/businessNews/~3/vxA0bMObvXU/maldives-confirms-first-two-coronavirus-cases-two-islands-locked-down-idUSKBN20U0QP) March 7, 2020

The Maldives on Saturday reported its first two confirmed cases of new coronavirus, and placed two of its island resorts under lockdown, as authorities conducted further tests to try to limit the spread of the disease.

  * [German coronavirus cases jump, economic anxiety rises](http://feeds.reuters.com/~r/reuters/businessNews/~3/XXr52aYQrdU/german-coronavirus-cases-jump-economic-anxiety-rises-idUSKBN20U0G6) March 7, 2020

The number of confirmed coronavirus cases in Germany jumped by more than 100 on Saturday, reaching 795 by mid-afternoon amid growing concern at the economic impact of the spreading epidemic on one of the world's most trade-dependent economies.

  * [Czech coronavirus quarantine measures extended to foreign residents](http://feeds.reuters.com/~r/reuters/businessNews/~3/BWQilpG-DqE/czech-coronavirus-quarantine-measures-extended-to-foreign-residents-idUSKBN20U0RT) March 7, 2020

Foreign nationals living in the Czech Republic will have to enter a two-week coronavirus quarantine if they return to the country from Italy, the European nation hit hardest by the epidemic, Prime Minister Andrej Babis said on Saturday.

  * [Coronavirus deaths rise to 145 in Iran, infections near 6,000: ministry](http://feeds.reuters.com/~r/reuters/businessNews/~3/pPrOJmXAqUI/coronavirus-deaths-rise-to-145-in-iran-infections-near-6000-ministry-idUSKBN20U0GO) March 7, 2020

Iran's death toll from coronavirus reached 145 on Saturday after another 21 people were confirmed to have died during the last day, among them a conservative lawmaker from Tehran, officials and local news agencies said.

  * [Italy coronavirus deaths near 200 after biggest daily jump](http://feeds.reuters.com/~r/reuters/businessNews/~3/Mcy9D6JgEAY/italy-coronavirus-deaths-near-200-after-biggest-daily-jump-idUSKBN20T2ML) March 7, 2020

The death toll from an outbreak of coronavirus in Italy has risen by 49 to 197, the Civil Protection Agency said on Friday, the largest daily increase in fatalities since the contagion was uncovered two weeks ago.

  * [France says 11 people have now died from coronavirus: Health Ministry](http://feeds.reuters.com/~r/reuters/businessNews/~3/oNGuJE7yasM/france-says-11-people-have-now-died-from-coronavirus-health-ministry-idUSKBN20U0KA) March 7, 2020

France's Health Ministry said on Saturday that two more people had died from the coronavirus, bringing the total death toll to 11 people.

  * [Factbox: The economic remedies for the coronavirus](http://feeds.reuters.com/~r/reuters/businessNews/~3/R-V-WGzGbwg/factbox-the-economic-remedies-for-the-coronavirus-idUSKBN20S2MO) March 7, 2020

Policymakers have taken a range of approaches to deal with the economic fallout from the coronavirus, from emergency interest rate cuts and big spending packages to a wait-and-see-stance and pledges of action if required.

  * [U.S. sailor confirmed with coronavirus in Italy](http://feeds.reuters.com/~r/reuters/businessNews/~3/OwZLZMXDQrs/u-s-sailor-confirmed-with-coronavirus-in-italy-idUSKBN20U0M6) March 7, 2020

A U.S. sailor deployed to Naples, Italy, has tested positive for the coronavirus, the U.S. military said on Saturday, in the second confirmed case among U.S. forces following another in South Korea. 

  * [South Korea's coronavirus cases climb above 7,000, most cases traced to church](http://feeds.reuters.com/~r/reuters/businessNews/~3/gmpeWTstovE/south-koreas-coronavirus-cases-climb-above-7000-most-cases-traced-to-church-idUSKBN20U02M) March 7, 2020

South Korea's coronavirus cases jumped above 7,000 on Saturday, up by 448 from the previous day, with more than half of the total number linked to a secretive church at the center of the country's outbreak, health authorities said.

  * [Factbox: Latest on the spread of coronavirus around the world](http://feeds.reuters.com/~r/reuters/businessNews/~3/Y-tgmGgsWaA/factbox-latest-on-the-spread-of-coronavirus-around-the-world-idUSKBN20T2T7) March 7, 2020

The number of people infected with coronavirus approached 102,000 across the world as the outbreak reached more countries and caused more economic damage.

  * [Gulf states report new rise in coronavirus cases](http://feeds.reuters.com/~r/reuters/businessNews/~3/6sLGagveAtg/gulf-states-report-new-rise-in-coronavirus-cases-idUSKBN20T2V4) March 7, 2020

The number of coronavirus cases in the United Arab Emirates has risen to 45 from 30, the Health Ministry said on Saturday, as other countries in the Gulf region also reported new infections.

  * [Wall Street Week Ahead: Investors look for buys as virus fears crush travel stocks](http://feeds.reuters.com/~r/reuters/businessNews/~3/teCruWNcYaU/wall-street-week-ahead-investors-look-for-buys-as-virus-fears-crush-travel-stocks-idUSKBN20T23L) March 7, 2020

Bargain-hunting investors are eyeing the shares of airlines, hotels, cruise lines and other companies that have been among the worst-hit by the coronavirus outbreak.




  
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